[Follow-Up] How to Easily Convert Your CPU and GPU into STEEM POWER: for the non-technical user
Last week I posted: How to Easily Convert Your CPU and GPU into STEEM POWER: for the non-technical user.
In that post, I stated:
I have tested all steps of this separately, but I have not yet observed a successful transfer from nicehash to steemit, so I cannot claim to have tested the process from beginning to end.
This is just a follow-up post to report that my @remlaps1 account received its first payout from NiceHash today, so I can now verify that the process has been tested from beginning to end.
As I had anticipated, it is indeed possible to easily convert CPU/GPU power into steem in a completely hands-off way without the need to navigate through the complexities of steem's mining protocol.
So what's your hardware and payout rate? Is it worth investing?
On my hardware, it's probably not profitable. I have a bunch of old/low-end systems, but I mine just to play with the technology and think of it as buying non-expiring lottery tickets. My highest scoring system is a 3.2 Ghz 4 core i5-4570 that's been getting $.10 to $.25 per day mining cryptonight (whatever that is) for the last few days.
At the moment, it's getting $0.18 per day.
As I noted in my response to @alexgr, nicehash does have settings available so that you can mine only when it would be profitable. I haven't actually made use of that capability, though.
think of it as buying non-expiring lottery tickets
LOL exactly my philosophy on all this... well said!
In the week-old article you write:
This type of money is probably outweighed by the costs paid in electricity (!).
True, but I was already burning 100% of CPU and GPU on WorldCommunityGrid for no return at all, so it's not costing me anything to switch. I also recently learned about gridcoin, so I'm playing around with getting paid to do science, too.
Nicehash has a profitability calculator on their web site, and if you want to, you can configure settings to mine only when profitable (after factoring in electricity). Of course, that would be based on whatever altcoin nicehash is mining, not on steem's price.